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Tax reform on the horizon

ByBrett Pilgrim

Two things to think about when purchasing rentals in Adelaide are fees and taxes. They are a typical part of life, especially when buying a home, but the Federal Government has set sail on the journey towards tax reform.  

Treasurer Joe Hockey announced on 30 March that the government would be renewing conversation about how taxes affect the Australian economy, especially with the population expected to shift and change dramatically in coming decades. He released a Tax Discussion Paper, detailing opportunities for the property market to shed some of the more restrictive tax frameworks.

Members of the housing market have been particularly eager to put their opinions into action, and one of the biggest concerns for a lot of commentators are stamp duties. The Housing Industry Association (HIA) noted that this is one of the country's most inefficient and restrictive taxes, but removing it could see some real benefits for not only the property market, but the economy as well. 

The Property Council of Australia also pointed out that the government needs to take the reform process seriously if they want the property market to feel the full benefit. Chief Executive Ken Morrison noted that South Australia is leading the way in this regard. The state government has already shown some really positive steps towards abolishing stamp duties, which is considered one of the biggest barriers to getting a foot in the property market door. 

"South Australia has already shown its willingness to take on tax reform, including stamp duty, the other states and territories should now step up to the mark," he said in a 30 March statement.

Policy proposals won't be put forward until 2016, but this is a great step, and likely something that those with property in Adelaide will look forward to. Have a chat with your property manager or local real estate agent about how tax reform could impact your portfolio. 

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